Working With Buyers Agent | Full Guide
Since I work with quite a lot of buyers in Montreal and surroundings I thought I would put together a full guide that will give you all the details on how it is like to be represented during a real estate transaction by a buyer’s broker, the advantages and disadvantages if there is any.
What is a buyer’s agent in real estate?
The Buyers Agent is the licensed real estate professional representing the buyers during the home purchase process. Their job is basically to get the buyer from Point A (Would-be Buyer) to Point B (Happy Home Owner) and assisting you throughout the home buying process.
Buyers Agent services to buyers include but are not limited to:
- Listening to buyers’ needs and setting them a client portal where they can view available MLS listings that match their criteria.
- Market Analysis for buyers: According to buyers budget , the buyers agent recommends certain areas in the city that will fit the buyer’s budget.
- Scheduling Property visits : Once the client selects the properties he would like to visit , the agent schedules appointments for each property.
- Price analysis based on the comparable listings sold in your area : After visiting the properties the buyer decides to put an offer on a property. The buyer’s agent makes a price analysis based on the comparable sold listings in the same area with the subject property in order to suggest a price for the property.
- Price Analysis based on Listing price VS Sale Price of comparable properties
- Negotiating on behalf of the buyer : According to real estate brokerage act, The listing agent is legally prohibited from giving financial advice to buyers since they are already representing the other party (seller). If the buyer is represented by a broker aka buyer agent: The agent can negotiate on behalf of the buyer.
Existence of multiple offers on a property kills the negotiating possibility and most of the time the buyer needs to over bid to get ahead of the other bidders. However if there is no other offer on the property, negotiations can be done.
- Connecting buyers with well known industry partners : During the process It is one of the buyer’s agents main duties to refer the buyer to industry recognized partners such as mortgage brokers, building inspectors, notaries if the buyer does not already have one. Since the level of service and the rates are not the same with every professional , it is important for the buyers to get these resources from their agent.
Who pays the Buyer Agent Commission? Do buyers pay realtor fees in Montreal?
The buyer agent’s commission is paid by the seller. In other words the listing agent shares his commission with the buyer’s agent.
So therefore there are no commission fees for buyers in a real estate transaction in Montreal unless they have a written agreement with their agent that states they need to pay him a specific commission upon the purchase of the property.
How to avoid paying Buyers Agent?
Like we mentioned above, most of the agents do not take any commission from the buyers. So therefore, there is nothing you should worry about or do to avoid paying your agent.
Can a seller refuse to pay the buyer’s agent ?
The seller has no control over the money that is going to be paid to the buyer’s agent. He pays the listing agent. The commission of the buyer’s agent is paid by the real estate office that the listing agent is affiliated with.
Being represented by a buyers agent in the purchase of an immovable costs no money and it comes with many advantages as well as free services offered to buyers during the home buying process. With so many details and steps to be taken, if not represented; buyers can easily make crucial mistakes that would cost them thousands of dollars . The buyer’s agent always helps buyers buy with ease and avoid legal conflicts that may arise with the seller during and after the sale of the immovable.
If you are a buyer looking to purchase a property and need assistance to find the right one for your family Call me at 438 722 2676 or send me an email ( email@example.com) and I would be happy to assist you.